Chinese e-commerce giant JD.com is stepping into the stablecoin space, with founder Liu Qiangdong announcing a global licensing promotion plan for cross-border payments at a media briefing in Beijing on Tuesday.
This announcement coincides with the U.S. Senate's passage of the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act), a landmark bill that establishes a federal regulatory framework for stablecoins.
Liu Qiangdong stated, "We hope to apply for our stablecoin license in all major sovereign currency countries globally." He outlined that stablecoins will be used to achieve faster and cheaper global transactions.
He claimed, "We can reduce payment costs by 90% and complete delivery within 10 seconds." In contrast, the traditional SWIFT system settlement window takes 2 to 4 days.
Initially targeting business-to-business (B2B) transactions, JD.com's stablecoin plan may eventually expand to consumer payments. Liu Qiangdong noted, "After completing B-end payments, we can turn to C-end payments." This hints at broader retail ambitions.
Liu Qiangdong mentioned that their ambitious project may face challenges and could even fail, but he said, "That's how business operates."
JD.com is pushing for globalization while adhering to its supply chain-centric business model. Liu Qiangdong stated, "We are no longer creating new models, but we will deepen and strengthen the existing seven or eight business models… and develop them into international business."
On Wednesday, Pan Gongsheng, governor of the People's Bank of China, announced plans to establish an international digital yuan operation center in Shanghai to accelerate the internationalization of the digital yuan and reduce global reliance on the U.S. dollar.
In 2021, JD.com began using China's Digital Currency Electronic Payment (DCEP) system to pay employee salaries, facilitate B2B payments, and conduct interbank settlements.
As JD.com enters the stablecoin space, global interest in stablecoin infrastructure is rising, accompanied by new regulatory reforms.
On Tuesday, the Senate passed the GENIUS Act. The bill initially failed to pass a vote to end debate in May due to Democratic opposition to former President Donald Trump's ties to the cryptocurrency industry.
However, last week, the Senate voted 68 to 30 to end debate on the bill, paving the way for discussion and a full vote.
The bill may still face obstacles in the Republican-controlled House of Representatives.
Last week, Circle CEO Jeremy Allaire stated that the breakthrough moment for stablecoins is not far off. Jeremy said, "We have not yet fully reached the 'iPhone moment,' when developers everywhere will realize the power and opportunity of programmable digital dollars on the internet, just as they saw the potential of programmable mobile devices."
Related: JPMorgan advances JPMD pilot on the Base network, claiming deposit tokens are superior to stablecoins
Original: “JD.com Joins Stablecoin Competition as U.S. Passes GENIUS Act”
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